Huntington Bancshares Inc. will pay $10.5 million to settle a lawsuit challenging the affiliated investment funds in the company’s 401(k) plan, according to papers filed Friday in the U.S. District Court for the Southern District of Ohio.
The settlement is expected to benefit about 39,000 participants in the company’s 401(k) plan. It resolves a lawsuit that sought to hold Huntington liable under the Employee Retirement Income Security Act for allegedly filling its 401(k) plan with underperforming proprietary mutual funds and paying excessive administrative fees to a subsidiary.
The case is one of dozens of recent lawsuits challenging financial companies that ...
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